Bank of Baroda partners BNP Paribas

Bank of Baroda and BNP Paribas Asset Management on Monday said they have gone into a strategic partnership by combining the strengths of their respective asset management businesses to form ‘Baroda BNP Paribas Mutual Fund’.

Suresh Soni has been selected as the CEO of the merged entity.

Bank of Baroda will have a 50.1% stake in the asset management company (AMC), while BNP Paribas Asset Management will hold the remaining 49.9 percent, according to a statement.

The resulting jointly held AMC will leverage the strengths that each partner has developed, to offer products specifically designed for retail and institutional clients in India.

This organization demonstrates both institutions’ commitment to the Indian market, and their craving to cater to the fast-evolving needs of the nation’s investors, it added.

Baroda BNP Paribas Mutual Fund will offer 28 plans across equity, hybrid, debt, and overseas fund of fund categories.

With touchpoints in 90 towns and urban areas across India, it is relied upon to serve over 1 million investors folios and more than 10,000 distributors.